| Introduction A variety of loan products are available to serve members needs at competitive rates. These and other new products are developed from time to time based on careful research and demand. A member must have saved for at least six consecutive months to qualify for any loan product.Members’ are allowed to run only one loan product in each category at a time i.e. there will be no new loan in each category before the existing loan is fully paid except when one opts to bridge/refinance the loan.This is usually a major loan for development purposes e.g. Land purchase, house purchase or building, car purchase etc. The maximum repayment period is 48 months School Fees Loan Granted once a year and repaid within that calendar year (12 months or less if taken after January) i.e. if you take school fees loan in June it should be repaid in full by December the same year. The application form for this loan must be supported by documents from school. Two cheques may be drawn, one in schools name and the other in the name of the member Emergency Loan Granted for purpose of sudden hospitalization, funeral, and court fine only should always have genuine supporting documents. Maximum repayment period is 12 months .Any other type of emergency not categorized as above e.g. domestic problem, rent arrears, etc is limited up to Kshs 30,000/= Refinancing Loan This type is granted to the members only when there are surplus funds. It should never exceed 75% of the development loan borrowed. |
